Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true62022-04-01falseNo description of principal activity6trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11901814 2022-04-01 2023-03-31 11901814 2021-04-01 2022-03-31 11901814 2023-03-31 11901814 2022-03-31 11901814 c:Director2 2022-04-01 2023-03-31 11901814 d:OfficeEquipment 2022-04-01 2023-03-31 11901814 d:OfficeEquipment 2023-03-31 11901814 d:OfficeEquipment 2022-03-31 11901814 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11901814 d:CurrentFinancialInstruments 2023-03-31 11901814 d:CurrentFinancialInstruments 2022-03-31 11901814 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11901814 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11901814 d:ShareCapital 2023-03-31 11901814 d:ShareCapital 2022-03-31 11901814 d:RetainedEarningsAccumulatedLosses 2023-03-31 11901814 d:RetainedEarningsAccumulatedLosses 2022-03-31 11901814 c:FRS102 2022-04-01 2023-03-31 11901814 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11901814 c:FullAccounts 2022-04-01 2023-03-31 11901814 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11901814 2 2022-04-01 2023-03-31 11901814 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 11901814









TFB VENTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
TFB VENTURES LIMITED
REGISTERED NUMBER: 11901814

BALANCE SHEET
AS AT 31 MARCH 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
203

Investments
 5 
908,326
349,272

  
908,326
349,475

Current assets
  

Debtors: amounts falling due within one year
 6 
29,358,521
23,181,352

Cash at bank and in hand
 7 
4,000,002
7,774,604

  
33,358,523
30,955,956

Creditors: amounts falling due within one year
 8 
(33,950,981)
(31,233,956)

Net current liabilities
  
 
 
(592,458)
 
 
(278,000)

Total assets less current liabilities
  
315,868
71,475

  

Net assets
  
315,868
71,475


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
315,866
71,473

  
315,868
71,475


Page 1

 
TFB VENTURES LIMITED
REGISTERED NUMBER: 11901814
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N Berger
Director

Date: 20 February 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
TFB VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

TFB Ventures Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The company's registered office address is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
The financial statements are presented in Sterling, which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
TFB VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
TFB VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 5

 
TFB VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
943



At 31 March 2023

943



Depreciation


At 1 April 2022
740


Charge for the year on owned assets
203



At 31 March 2023

943



Net book value



At 31 March 2023
-



At 31 March 2022
203


5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 April 2022 (as restated)
349,272


Additions
559,054



At 31 March 2023
908,326




Page 6

 
TFB VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

As restated
2023
2022
£
£


Trade debtors
135,000
135,677

Other debtors
28,444,229
22,283,331

Prepayments and accrued income
779,292
762,344

29,358,521
23,181,352



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,000,001
7,774,604

4,000,001
7,774,604



8.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Amounts owed to group undertakings
32,634,490
29,355,861

Corporation tax
59
60

Other taxation and social security
21,370
19,880

Other creditors
1,293,562
1,851,363

Accruals and deferred income
1,500
6,792

33,950,981
31,233,956



9.


Prior year adjustment

A prior year adjustment has been made to correctly reflect the investments made on behalf of the directors. The impact of this adjustment is a reduction in investments and debtors/creditors.

Page 7

 
TFB VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £685 (2022: £675). Contributions totalling £133 (2022: £125) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 8